Solana Surges Past $180

Solana briefly crossed the $180 threshold after a 4.3% rise. It’s the first time SOL has surpassed this mark since the LIBRA-induced slump.

On Feb. 21, Solana (SOL) reached a daily high of $180.19. The last time the token exceeded $180 was on Feb. 18, just before dropping below $170. Although it rebounded 4.3% around 09:30 UTC, it has since slightly retracted to around $178.

According to data from crypto.news, Solana has appreciated nearly 3% in the past 24 hours, currently trading at $178.79. Over the past month, it has declined more than 30%.

Solana’s market cap is approximately $87 billion, with a fully diluted valuation of $105 billion.


Notable Developments

Solana has also seen a resurgence in trading volume. As per DeFi Llama, it reclaimed the top spot among DEX chains with $2.3 billion, surpassing Binance Smart Chain (BNB), Ethereum (ETH), and Base (BASE). Solana lost this title for two days following the events of Feb. 18.

The collapse of the Solana-based meme coin LIBRA (LIBRA), endorsed by Argentinian President Javier Milei, was disastrous for Solana and the meme coin market. The token plummeted by 95% shortly after its launch, causing a market cap decline of $4.4 billion.

Nansen’s report indicates that LIBRA’s failure led to liquidity issues for Solana, with liquidity dropping from $12.1 billion to $8.29 billion. Following LIBRA’s collapse, Solana also dropped in value by 15%, as investor confidence in meme coins waned.